XRP Volume Outshines Bitcoin On Upbit Amid Price Breakout

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As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations and price surges. But the last 24 hours have been particularly exciting for me, as XRP, the cryptocurrency associated with Ripple, has outperformed several other digital assets, including Bitcoin on South Korea’s top exchange Upbit.

In the past 24 hours, there has been an abundance of optimistic feelings towards Ripple‘s digital asset XRP. Notably, XRP has surpassed the performance of various cryptocurrencies, such as Bitcoin, on South Korea’s leading exchange, Upbit.

XRP Metrics Looks Good

As a crypto investor, I’ve been keeping an eye on the market trends and was intrigued to find out that the XRP trading pair against Korean Won (XRP/KRW) on Upbit has seen significant growth in the last 24 hours. According to data from CoinGecko, this pair has outperformed Bitcoin, Shiba Inu, Ethereum, and other digital asset pairs in terms of trading volume increase. Specifically, there’s been a noteworthy surge of 22.16%, which translates to a substantial trading volume of approximately $405.7 million.

During the same time frame, Bitcoin’s price against the Korean Won (BTC/KRW) rose by 14.26%, but its trading volume reached $261 million. In comparison, Shiba Inu’s price versus the Korean Won (SHIB/KRW) experienced a gain of 4.8%, accompanied by a trading volume that is approximately one-third of XRP‘s recorded volume.

The surge in the trading volume of the other crypto pairs ranges from between 0.24% to 4.8%. Other XRP key metrics are equally looking good compared to its counterparts.  At the time of this writing, XRP was trading at $0.5982 with a 2.18% in the last 24 hours. XRP traded on a higher level in the early hours of Wednesday. Precisely, it went up by 12% in 24 hours on top of a 40% increase in seven days. From its bottoming out level of $0.4 to the current level of $0.59, XRP is still registering a gain.

As an analyst, I’ve noticed some significant growth in XRP‘s trading activity and market value in the past. Specifically, the trading volume surged by more than 40% and its market capitalization increased by 22%. At present, I observe that XRP holds a prominent spot as the sixth most actively traded token with a substantial trading volume of over $3.6 billion. Additionally, it ranks as the seventh largest cryptocurrency, boasting a substantial market cap of around $33.3 billion.

Speculations about Ripple vs SEC Settlement

Several people think that the primary reason for XRP‘s price surge is linked to ongoing advancements in the Ripple-SEC legal dispute. There’s considerable chatter about the potential for a resolution between the involved parties.

As a crypto investor following the developments between Ripple and the regulatory body, I’ve noticed an intriguing pattern of rumors surrounding closed-door meetings between the two parties. Today, July 17, approximately 195 million XRP coins were reportedly moved between exchanges, with 150 million of that amount allegedly transferred from Ripple’s holdings. This sudden activity might be an attempt by Ripple to capitalize on the market momentum generated by the settlement rumors and the ongoing bull run in the crypto space.

Lawyers Bill Morgan and Fred Rispoli, who represent Ripple in the ongoing legal proceedings, anticipate receiving a definitive decision on the XRP matter from the court by late July or early August in the remedies briefing stage.

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2024-07-17 20:21